Julius Baer Sees Lower Net Profit on Credit Provisions, Higher Taxes

Julius Baer Gruppe expects a net profit for 2023 below last year’s level due to a rise in credit provisions and an increased tax rate, but recorded net new money inflows until October.

The Swiss private-banking group said Monday that it booked valuation adjustments of 82 million Swiss francs ($92.6 million) on its loan book, of which CHF70 million was against its credit portfolio after Oct. 31.